Thinking about your family's future and the best way to protect your assets?
PUBLISHED: 16:56 02 September 2019 | UPDATED: 10:15 04 September 2019
Robert France, Co-MD and Solicitor at HRJ Foreman Laws Solicitors in Hitchin and Welwyn Garden City talks about planning for the future and invites you to a seminar to learn more
The current tax and political environment may be challenging your ambitions to preserve your assets for future generations. A common statement is "it's just not fair". You may feel exposed on many fronts, including provision of Care Fees and also Inheritance Tax.
Planning for both your future and your family's might feel like a momentous task, but with the right help, it doesn't have to be. It's never too early to deal with concerns such as inheritance tax, care home fees and how you will provide for yourself and your loved ones in the longer term.
How can I plan for my future?
Make a Will, review your current Will, or set up a Trust
Nearly two thirds of UK adults don't have a Will. If you are one of them you aren't alone. But it means that in the event of your death, the intestacy rules will dictate who will administer your estate and who will benefit.
By preparing a Will, you:
- decide who will administer your estate and who will benefit.
- can appoint a guardian to look after your minor children.
- decide when your children will receive their inheritance.
- can protect your children's inheritance whilst providing for your spouse or civil partner.
- can protect a disabled person's entitlement to means tested benefits or protect a vulnerable beneficiary.
- can protect your assets if you are cohabiting. If you aren't married or in a civil partnership your assets will not automatically pass to your partner, regardless of how long you have been together. If you have no surviving relatives to inherit under the rules of intestacy, your estate will pass to the Crown. In your Will you can provide for your partner, ensuring that they receive your property and have access to your finances.
- might be able to protect assets against care fees. If you require residential nursing care in Hertfordshire you might be expected to pay in excess of £50,000 per year.
- may be able to reduce the amount of inheritance tax paid to HMRC.
Who will look after your finances and welfare?
Make a Lasting Power of Attorney
Would you like to have peace of mind that someone you trust can look after your affairs if you are unable to manage them yourself?
Your family cannot automatically deal with your affairs if you lose capacity. You can make a Lasting Power of Attorney to deal with your property and financial affairs and issues about your health and welfare.
In the absence of a Lasting Power of Attorney your family and/or friends will need to apply to Court to act on your behalf. An application to Court can cause delay and additional cost.
Who is best suited to help?
Everyone's circumstances are unique so it is important to get advice that is tailored for you. Expect your solicitor to break down the complexities of estate planning for you and make it easier for you to protect your assets. If you are considering an unregulated Will-writing service, do your research. They may be unable to provide you with the all the professional advice you need and may not be able to offer you protection should something go wrong. Look for firms certified by the Solicitors Regulation Authority (SRA) and the Law Society.
Invitation to our Free Estate Protection Seminar - "Live for today; Plan for tomorrow"
To register for the free HRJ Foreman Laws Solicitors seminar on Thursday 19 September at the Focolare Centre for Unity, 69 Parkway, Welwyn Garden City, Hertfordshire AL8 6JD - email firstname.lastname@example.org with your name and contact details.
Who will benefit from this seminar?
- Individuals with family and loved ones who want to understand how to best protect their assets for themselves and also for future generations.
- Anyone interested in learning about the options available to mitigate Inheritance Tax.
- Those who are concerned regarding care fees or who have loved ones with carers at home or living in a residential care home.
- Individuals who are interested in the benefits of preparing Lasting Powers of Attorney.
To find out more, visit hrjforemanlaws.co.uk.